The Colony Park Development Corporation wants to get money from the city for its project. Today, City Council passed a resolution that asks staff to find a way to help them by June 9th. The project is called The Colony Park Sustainable Community, and it will include affordable housing, over 50 acres of park space, and mixed-use commercial opportunities.
The city, county, and Austin Transit Partnership need to work together to get $103.3 million to finish the project. One way to do this is by creating a public improvement district (PID) or tax increment reinvestment zone (TIRZ). This would involve charging people more taxes to generate the necessary revenue.
The CPSC is going to create a lot of jobs. The jobs will be in construction and in other places too. This project is going to make a lot of money too. Buildings part of the project must meet a minimum rating for being environmentally friendly. The Colony Park initiative will help make our community more sustainable. This means that we can be more careful with our resources and save money.
Council Member Alter said this is important because it will help us live together in a better way. We can model this after other cities have done it, and it can be successful. The city is working on new programs to help people who live in the town now. These programs will be good for the city and help make it a better place to live. The City Council plans to build new housing and businesses in the neighborhood. The City Council Member said that it is time for this area to get the same things that other places have. This resolution will make sure that this happens.
By Diane Revilla
